In a typical common development scenario, owners enter a JDA in which the proponent determines the terms of agreement, such as the ratio. B allocation of the built-up area in the proposed building, anticipated (refundable or not), time for completion of construction, consequences on delay/defect, approval power, construction, mortgage or sale of the developer`s action, etc. At the time of notification of a JDA (including amendments or additional acts), no provision is provided at the time of the date and would be valid and enforceable without registration. Let me make it clear that I believe here, through registration, that the joint development contract between the owner and the landowner should be placed on the sub-register. One of the most common practices is to certify notarial or sign the Joint Development Agreement (JDA) on the Rs 200/-. stamp. The same agreement is submitted to the potential buyer in the form of a registered joint development agreement. It`s not fair. If the owner retains his share of the built-up area, construction agreements with the developer should be entered into and the same thing should be recorded. Stamp duty and registration fees would be 2% of construction costs, and this document must be registered with the Sub-Registry Office, which is responsible for locating the property. Once the town planning plans have been approved by the legal authorities, there will be clarity in the details of the dwellings, car parks and proportional proportional land.
On that date, an award agreement (endorsement) may be executed under the JDA, with the units allocated to each of the parties assigned for specific purposes. If the built area does not exactly correspond to the relationship agreed under the JDA, the parties may agree to adapt it to the monetary consideration. This document also does not require registration. Now you have to wonder why it is imp to save JDA. At the macro level, neither the owners nor the landowners can dispute the terms and conditions of the registered JDA. Second, it gives authenticity to the agreement. In one case, I found that there were 23 corrections in the joint development agreement. It was almost impossible for the buyer to know whether the corrections were true or not. When the joint development contract is registered, the buyer can directly request a certified copy compliant with the shelter. It is quite normal for the owner of the property to transfer the rights/titles of the property to his family member as part of the family subdivision. These transfers are executed by GPA. In other scenarios, the owner asks the buyer to transfer the money to a family member.
The reason for these scenarios is “legacy.” The country is hereditary and, in most cases, I have found that the joint development agreement is signed by 15 to 20 people, including children under the age of 10. In such cases, either one of the landowners holds the GPA of all parties involved, or there is a family agreement between the landowners to allow a person to cede the property through the GPA.